The Barcelona star has been granted a rest from international duties after a hectic season for club and country.
Real Madrid duo Marcelo and Casemiro will also not be involved as a result of the UEFA Champions League final, which takes place on June 3.
Juventus fullback Dani Alves has also been left out, although team-mate Alex Sandro has been included in the squad.
Bayern Munich defender Rafinha and Chelsea's David Luiz have both earned call-ups in an otherwise strong 24-man group that also includes Philippe Coutinho, Willian, Douglas Costa, Gabriel Jesus and Thiago Silva.
"The emotional side of the game drains us ... the adrenaline is at a million every single day, the players need mental rest," head coach Tite told a news conference after announcing his squad.
"There is a team-building and there is consolidation, but this is about construction at the moment."
Brazil face Argentina on June 9 and Australia four days later, with both matches taking place at the MCG.
Goalkeepers: Diego Alves (Valencia), Weverton (Atletico Paranaense), Ederson (Benfica)
Defenders: Alex Sandro (Juventus), David Luiz (Chelsea), Fagner (Corinthians), Filipe Luis (Atletico Madrid), Gil (Shandong Luneng), Jemerson (Monaco), Rafinha (Bayern Munich), Rodrigo Caio (Sao Paulo), Thiago Silva (Paris Saint-Germain)
Midfielders: Fernandinho (Manchester City), Giuliano (Zenit St Petersburg), Lucas Lima (Santos), Paulinho (Guangzhou Evergrande), Philippe Coutinho (Liverpool), Renato Augusto (Beijing Gouan), Rodriguinho (Corinthians), Willian (Chelsea)
Forwards: Diego Souza (Sport), Douglas Costa (Bayern Munich), Gabriel Jesus (Manchester City), Taison (Shakhtar Donetsk)